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    政大機構典藏 > 商學院 > 金融學系 > 期刊論文 >  Item 140.119/73903
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/73903


    Title: WHAT MAKES INTERNATIONAL CAPITAL FLOWS PROMOTE ECONOMIC GROWTH? AN INTERNATIONAL CROSS-COUNTRY ANALYSIS
    Authors: Shen, Chung-Hua;Lee, Chien-Chiang;Lee, Chi-Chuan
    沈中華
    Contributors: 金融系
    Date: 2010-11
    Issue Date: 2015-03-18 14:35:13 (UTC+8)
    Abstract: This paper re-examines the relationship between international capital flows and economic growth within the context of various ‘conditional factors’ that possibly have the potential to influence such relationships. It achieves this by employing panel data for 80 countries that cover 1976–2007. International capital inflow is broken down into foreign direct investments (FDI) and foreign portfolio investments (FPI). We find interesting evidence that only FDI has a positive effect on growth and that FPI has an unfavorable, if not negative, effect on growth. The conditional variables of banking liberalization, high-income level, twin crises, lower corruption, and human capital mitigate the positive impacts of FDI on growth. In contrast, the middle-income level and good shareholder protection have a positive effect. As concerns FPI, the level of financial liberalization, being in a Latin American region, the wealth of countries, and market governance all influence the way that FPI affects growth, whereas the conditional variables of twin crises and human capital do not influence the effect of FPI on economic growth.
    Relation: Scottish Journal of Political Economy - SCOT J POLIT ECON
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1111/j.1467-9485.2010.00529.x
    DOI: 10.1111/j.1467-9485.2010.00529.x
    Appears in Collections:[金融學系] 期刊論文

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